Key Takeaways

• Major U.S. indexes were higher at midday Wednesday ahead of the release of the minutes from the last Federal Reserve meeting, when policymakers slashed interest rates.

• Cruise stocks got a lift as Citi analysts said the industry could continue to rally through next year.

• Boeing shares fell as the plane maker withdrew its contract offer to striking machinists, and S&P Global warned its debt could be downgraded.

Major U.S. indexes were higher at midday Wednesday ahead of the release of minutes from the September Federal Reserve meeting when policymakers cut interest rates by 50 basis points (bps). The Dow, S&P 500, and Nasdaq all rose.

Shares of Norwegian Cruise Line Holdings (NCLH), Royal Caribbean Cruises (RCL), and Carnival Corporation (CCL) surged as Citi analysts said the rally in the cruise industry could continue through 2025.

Corning (GLW) shares rose as Deutsche Bank raised its price target for the stock, citing strong growth prospects in the market for fiber optics.

Shares of Helen of Troy (HELE) soared after the maker of consumer products such as OXO kitchenware and Vicks beat profit and sales forecasts on demand for its insulated drinkware and thermometers.

Alphabet (GOOGL) shares dropped following reports the Justice Department asked a federal judge to consider options to limit the power of its Google search engine, including the possibility of a breakup.

Shares of Boeing (BA) slid after the plane maker withdrew its contract offer to its striking machinists, and S&P Global warned its bond rating could be downgraded if the walkout continues.

Rio Tinto's (RIO) U.S.-listed shares fell after the mining giant agreed to buy lithium producer Arcadium Lithium (ALTM) for $6.7 billion. Arcadium shares soared.

Oil and gold futures declined. The yield on the 10-year Treasury note was higher. The U.S. dollar advanced on the euro, pound, and yen. Prices for most major cryptocurrencies were down.

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